Gold bugs boosted banks' precious metals desks
As investors sought gold and silver as a hedge against inflation and uncertainty, investment banks with the capabilities to act in these markets benefitted. Some made more than $100m in precious metals in the third quarter, according to Coalition Greenwich.
In the third quarter, revenues from precious metals were up by 200%-300% year-on-year according to Coalition, whose index tracks 12 of the largest investment banks.
"Gold and silver demand spiked against inflation pressures and political uncertainty," said Coalition.Over the course of the third quarter, the price of ...